7:04 pm: Banchero’s five-year, maximum-salary extension is official, the Magic announced in a press release (Twitter link).
“We are thrilled to keep Paolo in a Magic uniform for years to come,” Magic president of basketball operations Jeff Weltman said in a statement. “At just 22, he has won NBA Rookie of the Year, been named an NBA All-Star and is widely regarded as one of our league’s brightest young stars.
“This commitment reflects our belief in Paolo’s talent, character and desire to win at the highest level. It also reflects Paolo’s belief in our organization, our fans and the city of Orlando. We are excited to continue this journey together.”
5:31 pm: Magic star forward Paolo Banchero has agreed to a five-year maximum rookie scale contract extension that be worth as much as $288MM, ESPN’s Shams Charania tweets.
The contract will include a player option in the final year, the first time that’s happened in a rookie scale maximum-salary extension since 2021, when Luka Doncic and Trae Young each received one.
As cap expert Yossi Gozlan points out (Twitter link), the extension is technically worth a projected $240MM but it could rise another $48MM if Banchero meets the Rose Rule performance criteria, which includes making an All-NBA team or winning the Most Valuable Player Award.
The salary projections are based on a 7% cap increase for 2026/27.
Banchero will now be signed through at least 2030, with a ’30/31 player option. The five-year extensions for Franz Wagner and Jalen Suggs kick in this coming season and recently acquired Desmond Bane has a contract that runs through the 2028/29 season. That means that four members of the starting lineup are signed for at least the next four seasons.
Orlando’s decision to make Banchero the top pick of 2022 draft was somewhat surprising at the time, but he has lived up to that billing. He was the Rookie of the Year in 2023 and an All-Star in 2024.
An early-season oblique injury marred Banchero’s third NBA season, but he still averaged 25.9 points, 7.5 rebounds and 4.8 assists per game in 46 starts. The 22-year-old has averaged 28 points per game in 12 postseason contests over the past two seasons.
Back in May, Banchero told Marc J. Spears of ESPN he wasn’t sure if he’d sign an extension but was hopeful it would come to fruition.
“I was in over my head when I signed my rookie (contract). So, I really haven’t thought much about that. … But it’s a blessing and hopefully all that stuff works out if I’m able to sign with the team and lock in my future,” he said. “That’s every young player’s goal coming into this league, establishing yourself early, get a second contract. So, when (the) time comes, I’m sure all that stuff we can figure out. I don’t know. They say more money, more problems. So, we’ll see what happens.”
Ladies and Gentlemen, meet the future Los Angeles Lakers power forward; Mr. Paolo Banchero.
and then the cap will mean the Lakers will have a 4 man roster lol
Kuminga will be the closing thing to Michael Jordan. He should compare to Paolo Banchero following next contract (starting in 2029)
For now, Kuminga is not a good player.
I want to chat with Joe Dumars. I hope he can offer 3 Firsts for Kuminga
If that’s the case, I got some ocean front property in Arizona for you.
Can you please explain your comparison of Kuminga to MJ please?
Banchero is am excellent player but the money in the NBA is ridiculous. No way is he a $56 mil player. It seems like they reward guys way too easily without the distinction of awards , etc.
Being a warrior fan I wish he was even close to MJ or even Banchero.
He’s not even close to Bill Wennington.
They drafted him with the first pick and he’s their best player.
They have no choice but to give him the max. Regardless if he’s worth it or not.
Yeah… that’s the problem. I’m a Cavs fan but I think Garland and Mobley got their bag a bit too early.
It’s not $56m unless he wins MVP, read the article. It’s more like $48m which is about right for the #1 scoring option.
Well the “baby max” is now more than what the Super Max used to be… this looks like it’s heading for disaster – not this contract but in general.
Talent wise I get Banchero is a beast. As a cornerstone for the franchise. I assume Orlando knows him well, I don’t. So a guy who has been in the NBA 3 yrs gets a max extension …. Why ??
“Paolo Banchero’s initial rookie contract with the Orlando Magic was a 4-year, $50,158,769 deal, according to SalarySwish. The contract included team options for the third and fourth years, which were later exercised. This is a standard rookie scale contract for the #1 overall pick in the NBA draft. “
Meaning he could have been extended in season. And start the new deal next year. I get Magic may be afraid of losing him. He just came back from injury. I don’t get why you need to rush this. No team has cap space to steal him away. Plus only Magic can pay him 5 yrs. I would have waited …
Al,
The reason why NBA players getting max deals after 3-4 years is easy, it’s due to Shaq. If you haven’t watched 30/30 This Magic Kingdom, I highly recommend it. Back then, they didn’t have any contracts in the CBA that allowed teams to extend franchise players without reaching free agency first. Shaq leaving Orlando in shambles after the Lakers illegally tampered with him is the reason the RFA contract exists. I don’t have a problem with this, he’s a franchise player for the Magic, he puts butts in seats and he’s only growing as a complete basketball player. Sometimes you need a little luck with the good faith that you give to a young upcoming player, this is one of those sometimes.